Gold price dey continue to fall as hopes dey fade say U.S. Federal Reserve go cut interest rate for December. Market watchers dey price in say chance dey 46% say U.S. central bank go reduce rates by 25 basis points for dia Dec. 10 meeting. Dis one dey down from 67% wey e be last week and pass 90% wey e be for end of October, according to market data.
As expectations for December rate cut dey vanish, e dey put pressure on gold price. Low interest rates dey usually help gold as e dey reduce di opportunity cost of owning di precious metal.
Gold E No Dey Shine Like Before
Gold dey trade now for $4,050.00 per ounce. Dat one dey down from all-time high of $4,379.13 per ounce wey e reach on Oct. 17 dis year. Until mid-October, gold bin don rally pass 60% for di year, hitting plenty record highs for di process.
Di bull market for gold bin dey driven by heavy buying from central banks and retail investors, wey each of dem bin dey load up on bullion as geopolitical uncertainty dey rise. As store of value, people dey see gold as safe haven investment for times of instability.
Bloomberg report say gold wavered as assets from equities to cryptocurrencies declined on fading expectations for US interest-rate cuts and nervousness over tech earnings. Bullion briefly dipped below $4,000 an ounce, then pared losses, following a three-day drop.
What Dis One Mean For Ghana?
For Ghana, dis one fit mean say interest rates for loans fit no reduce soon, wey fit affect businesses wey dey depend on borrowing. Investors wey bin dey look at gold as safe investment fit need to rethink dia strategy. Plus, di cedi fit feel di impact if investors dey shift dia money to other assets.
- Low interest rates dey usually help gold as e dey reduce di opportunity cost of owning di precious metal.
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